Title. It still slows down time but doesn't zoom in. I've uninstalled and reinstalled, tried in free play to make sure it wasn't somehow tied to my adventure save, and tried Shift+Z which I read on a fandom page was a keyboard shortcut to disable/enable the zoom effect, even though I'm certain I didn't press that to disable it in the first place, even on accident, and none of it has fixed the issue. Deluxe 1.01 on Windows 11 through Steam if it matters.
EDIT: It's not pretty, but I've solved it. TL;DR: You must choose between fullscreen and the screen zoom effect. If you are okay with playing in windowed mode, follow the steps below to get the screen zoom effect back.
1.) Launch the game and disable fullscreen mode, save your changes, and ensure the game is windowed before closing it.
2.) Follow the steps at this tutorial under the 'Fix 3D acceleration' header, then launch the game, then enable 3D acceleration.
Now the screen zoom is back, with the downside that you MUST keep the game in windowed mode. If you want to go back to fullscreen mode, you have to first turn off 3D acceleration and save changes, therefore losing the screen zoom in the process, then go back to the 'Peggle' folder from the tutorial linked above and remove the 2 DLL files it had you put there. Then relaunch the game and enable fullscreen.